Pakistan - Fine lint remains in focus at cotton market
Dated- 23 Apr , 2012 - Pakistan
Fine lint remained in focus with strong physical prices amid firm trading activity at the Karachi cotton market, traders at the Karachi Cotton Association (KCA) said on Friday.
The KCA kept the spot rate unchanged at Rs 5,850 per maund in order to support lint of low grades, floor brokers said.
Traders said mills bought fine grade lint in Punjab and Sindh stations on competitive prices at around Rs 6,150 per maund, while spinners purchased lint of all grades at around Rs 4,690 per maund to Rs 5,980 per maund.
Sellers withholding second grade lint in Punjab and Sindh stations offered their produce on slightly higher prices at around Rs 4,650 per maund and Rs 4,225 per maund, respectively while sellers with raw grade produce offloaded their it at around Rs 3,970 per maund and Rs 4,000 per maund.
The buyers and sellers in Punjab and Sindh stations also made forward deals for a month’s period on slightly higher than the spot rate at around Rs 5,570-5,875 per maund during the trading session.
“The New York Futures market is instrumental for the domestic lint prices while ending of crop season 2011-12 is also pushing prices slightly up,” said an analyst. “Strong outlook of New York Futures market is still a positive sign for international as well as domestic lint prices.”
Around 12,000 bales changed hands in Punjab stations during trading session, he said.
The New York May Futures 2012 closed at 92 cents per pounds and July Futures 2012 at 91.80 cents per pound. Cotlook A index was hovering around 100 cents per pound.